Recently, the ways that governments are regulating ICOs and cryptocurrency tokens have been popular in the news, from being regulated as securities by the FTC in the US, to banning them completely in China. As Manie Eagar explains, governments will always seek compliance and impose regulatory regimes on companies, in order to protect consumers and prevent fraud. His stance is to invite governments to create some regulations, to prevent bad actors from taking advantage of others, but ultimately to allow the full potential of these technologies to evolve. To this end, he sees three possible scenarios–regulating tokens as securities, crowdfunding utility tokens, and digitizing assets. He believes that institutional players will wait to enter the market until they have a better idea of what regulations they will be expected to comply with. Once this happens, this will hopefully create more stability in the markets.